LSE sells Tower site for £67m

LSE sells Tower site for £67m

London Stock Exchange has sold its Stock Exchange Tower site on Old Broad Street to European property company Hammerson for a total consideration of £67 million.

The consideration will comprise an initial instalment of £33.8 million, payable on completion - which includes a £3.4 million deposit - and an unconditional deferred payment of £33.2 million in December 2005.

In addition, the LSE could receive up to £6 million by December 2009, based on the profitability of any redevelopment.

The transaction is expected to complete in July 2004.

The LSE plans to move to its new headquarters at 10 Paternoster Square in June 2004.

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